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Pastimes : Trading the markets.....
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To: SE who wrote (143)10/9/2000 11:39:57 AM
From: Chip McVickar  Read Replies (2) of 4583
 
Scott,

The daily SPX chart and major fork has a median line at 1390 for today and tomorrow. Could place for the market to rest and perhaps find a bottom for the next modest move up.

<< BTW, what do you use for stops? >>

For entries I've been using 10 points and a fraction below the even numbers.... So if I entered at 1460 I'd use 1449.75. Exits are a little different, but the stops are always with a profit.

The SPX/spoo 60min charts have been beautiful over the last few weeks.
For the trade in question I used:
The dominant fork -
handle 9/19 -- low 9/22 and high 9/28

Inside that fork:
A series of perfect forks defined the past 20 days of trading.
Like your,
10/2 13:30 L
10/3 14:00 H
10/4 10:00 L

The most recent inside fork is active today.
10/3 handle
10/4 low
10/5 high

<< I guess I just did not see it and was curious what got you to buy there. >>

The trade was very agressive day trade. Much better rewards would have come from adding shorts all the way down this decline from 1530 SPX.

The primary fork is the SPX daily with it's downward incline. Whatever trend following system you want to use this fork has not been broken.

Today and tomorrow there's an opportunity.
At 1392.48 low for this morning the market is on the median line...?

My Best,

Chip
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